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GHMC raises ₹ 100 crore through municipal bods

Our Bureau Hyderabad | Updated on August 20, 2019 Published on August 20, 2019

The Greater Hyderabad Municipal Corporation (GHMC) has raised ₹ 100 crore in the third tranche of Municipal Bonds on Bombay Stock Exchange.

Though the civic body wanted to raised ₹ 300 crore, it toned it down to ₹ 100 crore keeping in view the depressed market conditions.

The civic body, which emerged as the first entity to raise municipal bonds, opened the window for an hour. Hyderabad Mayer Bonthu Rammohan and GHMC Commissioner M Dana Kishore monitored the bidding process.

"About five entities have filed bids for bonds worth ₹ 100 crore within 45 minutes of opening the bids,” a GHMC spokesperson said.

The bonds would yield an interest rate of 8.93 per cent.

The corporation already raised ₹ 395 crore in the first two tranches. The proceeds would be used to develop flyovers and underpasses under the Strategic Road Development Plan.

Published on August 20, 2019
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